MF Global loses $141.5m from rogue wheat trade
The broker said last Thursday (February 28) that an error in its order entry system had allowed the US-based trader to put on massive directional trades in wheat futures on his own account yesterday morning. The trades were noticed and liquidated later that morning, but, as MF Global is responsible, it will have to cover the $141.5 million losses he incurred.
The trader, whose name is not known, has now been fired, MF Global said. It added that client funds had not been affected by the trades
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